Frozen Pensions

[pctodd]

When you leave the rm before retirement, i understand your pension is frozen, i still get letters once a year but they no longer have any figures.

what hppens to it and when doe sit become available? aslo is there any life assurance with it,?

[baldrick]

Your preserved benefits (frozen pension) are increased each year in line with the Pension Increase Review Orders,
issued by the Government. It will be paid to you when you reach your normal pension age - 60.
Your dependant (widow/widower/civil partner/eligible children) would be entitled to a lump sum and dependant's
pension based on you preserved benefits if you should die before 60.
if you die within 5 years of retiring your nominated beneficiary may receive a lump sum equal to the balance of
the pension you would have been paid for the first five years of your retirement had you not died (not including
future pension increases), and a pension paid to a dependant based on the pension in payment at the time of
your death, subject to the same terms as for a member who dies in reckonable service (50% of your pension).

The Pensions Helpline number is 0114 2414545 (0830-1700 Mon-Fri).

[stodgy88]

i have come out of pension and will be taking lump sum (financial problems)will i be able to join new scheme that starts next year cheers in advance

[k979aaa]

i have come out of pension and will be taking lump sum (financial problems)will i be able to join new scheme that starts next year cheers in advance

There is no such scheme as yet and who know's who will be in it we could all be made to join it and lose all benfit's we have previously built up!. On the other hand there could be NO PENSION SCHEME FOR ALL!.

[pctodd]

Your preserved benefits (frozen pension) are increased each year in line with the Pension Increase Review Orders,
issued by the Government. It will be paid to you when you reach your normal pension age - 60.
Your dependant (widow/widower/civil partner/eligible children) would be entitled to a lump sum and dependant's
pension based on you preserved benefits if you should die before 60.
if you die within 5 years of retiring your nominated beneficiary may receive a lump sum equal to the balance of
the pension you would have been paid for the first five years of your retirement had you not died (not including
future pension increases), and a pension paid to a dependant based on the pension in payment at the time of
your death, subject to the same terms as for a member who dies in reckonable service (50% of your pension).

The Pensions Helpline number is 0114 2414545 (0830-1700 Mon-Fri).

thanks for taking teh time to reply to my question, it ansered fully my doubts/ thank you

[RobertT]

There is no such scheme as yet and who know's who will be in it we could all be made to join it and lose all benfit's we have previously built up!. On the other hand there could be NO PENSION SCHEME FOR ALL!.

The benefits you have built up to any change in scheme rules are protected by law.

At the moment every company that employs over 5 people has to provide a pension scheme,although they don't necessarily have to pay any money into it. From 2012 the government are introducing the Personal Account,which is a pension scheme that every company has to provide and pay money into. This is on a basis of - employer 4%, employee 3%, government 1%.